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☆ EV Makers Turn to Discounts to Combat Waning Demand
▼ + stars: | 2023-11-07 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

Giant touchscreens. EVs have become computers on wheels. WSJ’s Joanna Stern took three of the leading cars on a road trip and then leased the best one. Photo illustration: Annie Zhao/The Wall Street JournalBuyers looking to get a bargain on a new car might want to consider an electric vehicle. As sales growth has slowed for battery-powered models, automakers and dealers are slashing prices and piling on discounts to clear out unsold inventory.

Persons: Joanna Stern, Annie Zhao Organizations: Street

☆ Automakers Delay Electric Vehicle Spending as Demand Slows
▼ + stars: | 2023-11-07 | by ( Jack Ewing | More About Jack Ewing | ) www.nytimes.com time to read: +1 min

But when the number of electric vehicles sold in the United States grew that much during the third quarter from a year earlier, it was a disappointment. Instead of celebrating, auto executives worried that demand for electric vehicles was slackening, raising questions about their plans to invest tens of billions of dollars to develop new models and build factories. In recent weeks, General Motors, Ford Motor and Tesla cited slower sales and signs that the economy was weakening in announcing that they would delay that spending. future is as strong as ever,” Mary T. Barra, the chief executive of G.M., told analysts on a conference call last month. is waiting several months to begin selling some new electric models, including a battery-powered incarnation of the Chevrolet Equinox sport utility vehicle.

Persons: Carmakers, Tesla, Biden, Mary T, Barra Organizations: General Motors, Ford Motor, Chevrolet Locations: United States

☆ To One Watchmaker, Gears and Pinions Are the Interesting Bits
▼ + stars: | 2023-11-07 | by ( David Belcher | ) www.nytimes.com time to read: 1 min

Some watch designers are inspired by the grand beauty and rich history of mechanical watches. But for Jiro Katayama, a Tokyo-based watch designer, it is all about the gears and pinions, elements of the industrial world where he began his career. That influence — from growing up in car-crazy Japan of the 1980s to the instruments he encountered in automotive design school and his jobs with Lexus and other Japanese automakers — helped Mr. Katayama create Otsuka Lotec watches in 2000 as part of a design business, pivoting to just watch production in 2012. During the next 10 years he made 400 watches by himself — the internal mechanisms, cases, hands and dials — but customers had to wait as long as two years for delivery.

Persons: Jiro Katayama, —, Katayama, Otsuka Organizations: Lexus Locations: Tokyo, Japan

☆ Workers are missing cog in US manufacturing gears
▼ + stars: | 2023-11-07 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +7 min

NEW YORK, Nov 7 (Reuters Breakingviews) - There’s a spanner in the freshly restarted U.S. manufacturing machine. Based in part on the planned construction spending, Goldman Sachs analysts estimate that Biden’s initiatives could lead to as many as 250,000 new manufacturing jobs over the next two years. Pay growth is also cooling faster for production and manufacturing jobs, at 4.2% year-over-year in August, down from an 11% annual peak in December 2021 and compared to the national average of 4.5%, according to jobs website Indeed. By 2030, technological and cognitive skills in the manufacturing sector will be in far higher demand as the share of physical and manual tasks drops by more than a quarter from 2016, McKinsey says. The U.S. manufacturing engine may be humming along now, but employment-related complications threaten to throw sand in the gears.

Persons: Joe Biden’s, Biden, Goldman Sachs, There’s, it’s, Sam, Francesco Guererra, Sharon Lam Organizations: Reuters, Deal, Taiwan Semiconductor Manufacturing, Samsung Electronics, Intel, Bosch, Linde, Public, Ford, SK Innovation, Reuters Graphics Reuters, Department, Bureau of Labor Statistics, McKinsey, University of Massachusetts, Economy Research, of Labor Statistics, Thomson Locations: Arizona, U.S, United States, China, Europe, Asia, it’s, Germany, Amherst

☆ Large pickup trucks fare poorly in protecting rear seat passengers - study
▼ + stars: | 2023-11-07 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsWASHINGTON, Nov 7 (Reuters) - Four large pickup trucks fared poorly in tests measuring how rear seat passengers fare in some crashes, the Insurance Institute for Highway Safety said Tuesday. "Like most other vehicle classes, large pickups don't perform as well in the new moderate overlap evaluation as they do in the updated side test," said IIHS President David Harkey. IIHS said front seat safety has been boosted by improved airbags and advanced seat belts typically not available in the rear. The updated test uses a heavier barrier traveling at a higher speed to simulate the striking vehicle. In traffic crashes in 2021, 60% of pickup drivers who were killed were unrestrained - higher than other categories of vehicles.

Persons: Rebecca Cook, IIHS, Ram, David Harkey, Stellantis, David Shepardson, Christopher Cushing Organizations: Ford Motor Company, North American, REUTERS, Rights, Insurance Institute for Highway Safety, Ford, General Motors, Silverado, Toyota, Thomson Locations: Detroit , Michigan, U.S

Selling more hybrid and electric trucks and improving the fuel efficiency of Ram combustion models is critical to Chrysler parent Stellantis. A Hemi V-8 will still be offered in Ram heavy-duty trucks. The company has not disclosed future production plans for light-duty Ram Classic trucks, which are based on previous generation Ram designs. Stellantis has previously said it will sell an all-electric Ram pickup called the Ram Rev starting in late 2024. The all-electric Ram REV has a 168 kWh battery pack in the base model that costs thousands more.

Persons: Steve Marcus, Ram, Ford, Stellantis, Tim Kuniskis, Joe White, Matthew Lewis Organizations: REUTERS, Rights DETROIT, American, Chrysler, Detroit, Silverado, General Motors, GM, Ford, GMC, Thomson Locations: Las Vegas , Nevada, U.S, Detroit, Sierras

☆ Most automakers have not cracked the economics to make an EV affordable, says Deutsche's Rosner
▼ + stars: | 2023-11-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMost automakers have not cracked the economics to make an EV affordable, says Deutsche's RosnerMark Fields, former Ford CEO, and Emmanuel Rosner, Deutsche Bank lead auto technology analyst, join 'Squawk on the Street' to discuss the recent attitude towards electric vehicles, some of the challenges in leveraging the growth in electric vehicles, and more.

Persons: Deutsche's Rosner Mark Fields, Emmanuel Rosner Organizations: Ford, Deutsche Bank

U.S. President Joe Biden delivers remarks on infrastructure during an event at the Amtrak maintenance facility in Bear, Delaware, U.S., November 6, 2023. REUTERS/Leah Millis/File Photo Acquire Licensing RightsWASHINGTON, Nov 7 (Reuters) - President Joe Biden on Thursday will meet with United Auto Workers President Shawn Fain and tout the decision of Chrysler-parent Stellantis to reopen a shuttered assembly plant in Belvidere, Illinois, a White House official said. Illinois Governor J.B. Pritzker will attend Thursday's event, where Biden will make remarks, the official said. The new Stellantis investments include $1.5 billion in the Toledo Jeep operations, including building an EV Jeep Wrangler in 2028. The UAW said Stellantis wanted to cut 5,000 jobs going into the talks.

Persons: Joe Biden, Leah Millis, Shawn Fain, Stellantis, Fain, Biden, White, J.B, Pritzker, David Shepardson, Nandita Bose, David Gregorio Our Organizations: Amtrak, REUTERS, Rights, United Auto Workers, Chrysler, White, UAW, Detroit Three, Illinois, Toledo Jeep, EV, Dodge, Jeep, Thomson Locations: Bear , Delaware, U.S, Belvidere , Illinois, Illinois, Michigan, Belvidere, Toledo, Detroit, Dodge Durango

☆ UAW members at General Dynamics plants ratify new tentative agreement
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

Nov 6 (Reuters) - The United Auto Workers (UAW) union on Monday said members at the General Dynamics (GD.N) plants at Ohio, Michigan and Pennsylvania have voted to ratify a new tentative agreement. Like its peers, General Dynamics has struggled with supply and labor shortages at a time when weapons demand is on the rise due to the war in Ukraine, conflict in the Middle East and tensions in U.S.-China relations over Taiwan. UAW members at the company make military vehicles including tanks and light armored vehicles, according to the union. In the latter half of October, the UAW, in separate strike actions, had reached tentative agreements with the Detroit Three automakers, General Motors (GM.N), Ford (F.N) and Stellantis (STLAM.MI). Reporting by Aishwarya Jain; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Aishwarya Jain, Krishna Chandra Organizations: United Auto Workers, UAW, General Dynamics, Dynamics, Detroit Three, General Motors, Ford, Thomson Locations: Ohio , Michigan, Pennsylvania, Ukraine, U.S, China, Taiwan

☆ Unifor members ratify new contract with Stellantis in Canada
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsNov 6 (Reuters) - Canadian labor union Unifor said on Monday its members voted in favor of a new contract with Chrysler-parent Stellantis (STLAM.MI). Unifor reached a tentative deal with Stellantis on Oct. 30 after a brief strike at the Franco-Italian automaker's facilities in Canada. The agreement was ratified after positive votes from members at Stellantis facilities in Windsor, Brampton, Etobicoke, Mississauga and Red Deer. Unifor used the "pattern bargaining" approach in its talks with the automakers, reaching a deal first with Ford (F.N) and General Motors (GM.N). Meanwhile, more-than-a-month old strike by the United Auto Workers (UAW) union against the Detroit Three automakers in the United States also ended in October.

Persons: Gonzalo Fuentes, Unifor, Stellantis, Aishwarya Jain, Shivansh, Shounak Dasgupta Organizations: REUTERS, Chrysler, Stellantis, Franco, Detroit Three, Dodge, Ford, General Motors, United Auto Workers, UAW, Thomson Locations: Saint, Yvelines, Paris, France, Italian, Canada, Windsor , Brampton, Etobicoke, Mississauga, Red Deer, Brampton, Ontario, United States, Bengaluru

☆ Tesla may finally be about to produce a truly affordable electric car
▼ + stars: | 2023-11-06 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Tesla could build a new car that will sell for nearly $27,000, per Reuters. It could be a boost for the EV transition, which has been hampered by a lack of affordable options. AdvertisementAdvertisementTesla is planning to build a 25,000 euro ($27,000) electric car at its Berlin Gigafactory, according to a report from Reuters citing an unnamed source. Tesla CEO Elon Musk reportedly told staff about the plans during a visit to the factory on Friday. AdvertisementAdvertisementCurrently, the cheapest vehicle Tesla sells is the $38,990 Model 3, which was briefly available for $35,000 in 2019.

Persons: Tesla, —, Elon Musk, Kelley, Musk Organizations: Reuters, Service, Tesla, Ford, GM, EV Locations: Berlin

☆ Premarket stocks: How Goldman Sachs is navigating a more turbulent world
▼ + stars: | 2023-11-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +11 min

Jared Cohen: If you reflect back on most of the last 20 years, the geopolitical center of gravity has been in the Middle East. But there’s a paradigmatic shift where the geopolitical center of gravity has moved from the Middle East to Washington and Beijing. That’s before you get into other factors like the war in Europe, now, the war in the Middle East and a variety of other things. I don’t think that’s the case. Leaders in the Middle East have a big vision of their role in the world.

Persons: Goldman Sachs, won’t, Goldman, Bell, Jared Cohen, Cohen, they’re, They’ve, it’s, They’re, Bill Ackman, ”, Ackman, Claudine Gay, “, Lawrence Summers, Clinton, ” Summers, Chris Isidore, Shawn Fain Organizations: CNN Business, Bell, New York CNN, Goldman Sachs Global Institute, Applied Innovation, Global Affairs, Google, Harvard, Harvard University, Israel, Pershing Square Capital Management, “ Harvard, Civil, CNN, UAW, United Auto Workers, General Motors, Ford Locations: New York, China, Europe, East, Washington, Beijing, Taiwan, South China, Israel

☆ Aeva inks sensor deal with Nikon for industrial machines
▼ + stars: | 2023-11-06 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

Courtesy of Aeva Inc/Handout via REUTERS/File photo Acquire Licensing RightsNov 6 (Reuters) - Aeva Technologies (AEVA.N) on Monday said that it has signed a deal to produce sensors for Nikon (7731.T) industrial machines that can scan objects like cars coming off an assembly line for microscopic defects. While Aeva is targeting the automotive market, its sensor can also be used in other applications that require three-dimensional scanning, and in 2021 the company said it was working with Nikon to improve the Japanese firm's industrial equipment. The Aeva sensor aims to make the machines smaller and cheaper so that more vehicles can be inspected. Aeva said it expects to start supplying sensors to Nikon next year, with Nikon products with Aeva sensors hitting the market in 2025. Salehian declined to say how many sensors Aeva will ship or how much revenue the company expects from the Nikon deal.

Persons: Salehian, Aeva, Stephen Nellis, Kirsten Donovan Organizations: Aeva Inc, REUTERS, Aeva Technologies, Nikon, Reuters, Thomson Locations: , California, View , California, San Francisco

☆ Gen Z is forcing a workplace reckoning that should have happened years ago
▼ + stars: | 2023-11-05 | by ( Tim Paradis | ) www.businessinsider.com time to read: +7 min

Gen Z, on the heels of the pandemic, is pushing for changes to how we work. Workers across generations are benefitting from some of the questions Gen Z has been asking. AdvertisementAdvertisementThanks, Gen Z. Gen Zers aren't likely to get everything they're asking for — at least not right away. And even workplace jargon — that code for showing you belong because you know how to toss it around — is getting a Gen Z rewrite .

Persons: Gen Z, —, Zers aren't, Pradeep Philip, Philip, That's, Nicole Kyle, Zers, Brynn Anderson, who've, Alex Soojung, Kim Pang, Pang, we've, Read, Zer, Gen Organizations: Workers, Service, Deloitte, Economics, CMP Research, United Auto Workers, Detroit, UPS, Associated Press, UAW, didn't Locations: America

☆ This $13,000 microcar is outselling Teslas in Japan. Here's what drivers love about it.
▼ + stars: | 2023-11-05 | by ( Tom Carter | ) www.businessinsider.com time to read: +5 min

Drivers told Insider the tiny car is a "blast" to drive and perfect for driving in busy cities. AdvertisementAdvertisementJapan's best-selling EV is a tiny car that sells for just $13,000 — and drivers have told Insider exactly what they like best about it. "A smaller electric car is more sustainable and suits a lot of people's actual driving needs. I think that's at least partly why bigger electric cars, like Teslas, are not so popular here," he added. "I think Japanese automakers underestimated the appeal of electric cars here for a long time," he said.

Persons: Nissan Sakura, —, Sakura, Nissan, Michael Brown, Brown, Michael, RICHARD A, BROOKS, Tesla Organizations: Nissan, Drivers, EV, Service, Bloomberg, Mitsubishi, Reddit, Toyota, Honda, Suzuki Locations: Japan, Higashimurayama City, Tokyo

☆ Why EV charging is still such a pain
▼ + stars: | 2023-11-04 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +8 min

Power show that, despite more and more EV chargers being available, EV owners are actually getting less satisfied with public charging. When it comes to consumer satisfaction, EV charging is in some very poor corporate company. Away from home, charging your EV costs more than charging at home, sometimes twice as much. A ChargePoint electric vehicle (EV) charging station at the Lafontaine Kia dealership in Detroit, Michigan, US, on Thursday, July 13, 2023. Justin Sullivan/Getty Images“Safety is paramount,” said Rick Wilmer, chief operating officer of EV charging provider ChargePoint.

Persons: it’s, “ They’re, ”, Brent Gruber, Gruber, Bing Guan, There’s, Lafontaine, Matthew Hatcher, Nathan Wang, Wang, Justin Sullivan, Rick Wilmer, Wilmer, What’s, it’s Shell, don’t, Mark Hawkinson Organizations: New, New York CNN, J.D, EV, Department of Energy, CCS, Volvo, Bloomberg, Getty, Lafontaine Kia, UL, Vehicles, Bolt, BP, Exxon Locations: New York, ., United States, California, States, Mississippi, Montana, Detroit , Michigan, Corte Madera , California

Gene Sperling, the White House liaison for the strike talks, was in daily contact with executives at the UAW and the three automakers. By that point, there was enough trust that the misunderstanding did little from the White House perspective to hurt the relationship. The UAW president declined to endorse the president who had engaged in the historic outreach. So as I said we’ll do that when it’s time.”Still, the White House saw itself as building trust with the UAW as the talks progressed. As soon as a tentative agreement was in place, Barra told the gathered negotiators that she needed to text the White House.

Persons: Joe Biden, Shawn Fain, Biden, Fain, Gene Sperling, Sperling, We’re, Donald Trump, “ I’m, ” Biden, ”, Julie Su, Su, umbrage, “, ” Fain, “ We’ll, Ford, Stellantis, Mary Barra, Barra, Tom Krisher Organizations: WASHINGTON, United Auto Workers, General Motors, UAW, GM, Ford, Chrysler, Democratic, White, Democratic White Houses, Associated Press, Democrats, AP VoteCast, Republican, Labor, Biden, AP Locations: Delaware, Michigan, Pennsylvania, Wisconsin, Detroit

☆ The UAW is already looking ahead to its next auto strike
▼ + stars: | 2023-11-04 | by ( Manav Tanneeru | Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —Members of the United Auto Workers union are back on the job at General Motors, Ford and Stellantis. They can’t go on strike in sympathy with another union’s strike, and they can’t wage a strike over political issues, such as a change in government policy. The Teamsters and the UAW also both have members now on strike against a group of casinos in Detroit. The significance of May 1The date Fain sees for this collective, coordinated strike is May 1, 2028, or May Day, which is also International Workers Day. That is celebrated as a Labor Day in many other countries, but rarely in the United States, which is where its historical roots are.

Persons: Shawn Fain, ”, Todd Vachon, Taft, Harry Truman, Vachon, Fain, expirations, Kate Bronfenbrenner, “, ‘, “ He’s, Bronfenbrenner, McCarthy, ” Fain Organizations: New, New York CNN, United Auto Workers, General Motors, Ford, UAW, Rutgers University, US Department of Labor, Teamsters ’, UPS, Labor Education Research, Cornell University, Kaiser Permanente, Teamsters, Workers, Labor, Unions Locations: New York, Europe, United States, France, Detroit, “

Ford envisions at least three new electric vehicles that will preserve jobs at several factories. Those and other closely held production plans by Detroit's automakers have emerged in details of the tentative contract agreements that ended the six-week strikes by the United Auto Workers union. The UAW's success in gaining commitments from the companies to build new electric vehicles at several factories represented a particular achievement. The automakers have all embraced the transition to electric vehicles as a large-scale and long-term commitment. And not all the companies’ production plans under the contract, of course, involve electric vehicles.

Persons: —, Biden, What's, Ford, Stellantis, ___ Veiga Organizations: DETROIT, Ford, General Motors, Detroit's automakers, United Auto Workers, Workers, EVs, EV, Dodge, Jeep, Cherokee, UAW, Kentucky, Plant, Expedition, Lincoln Navigator, Lincoln, Ohio Assembly Plant, Hill Assembly, Honda, Chevrolet Silverado, GMC Sierra, Fairfax Assembly Plant, GM, Detroit automakers, Toyota Tacoma Locations: Belvidere , Illinois, Toledo, Warren , Michigan, Sterling Heights , Michigan, Detroit, Dodge Durango, Rouge, Dearborn , Michigan, Louisville, Cleveland, Rock , Michigan, Hill, Hill Assembly Plant, Tennessee, Orion Township , Michigan, Fairfax, Kansas City , Kansas, Lansing , Michigan, Los Angeles

For the week, the S&P 500 gained 5.9%, for its biggest gain since November 2022 and Nasdaq added 6.6%, also showing its biggest gain since Nov. 2022. The Dow showed a weekly gain of 5.1%, its biggest since late October 2022. The jobs data also helped push U.S. Treasury yields lower for the fourth consecutive session. Most of the 11 major S&P 500 sectors advanced, led by rate-sensitive real estate (.SPLRCR), which finished up 2.4%, after hitting its highest since late September. The S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 53 new highs and 77 new lows.

Persons: Brendan McDermid, nonfarm, Matt Palazzolo, Palazzolo, Dow, Tony Welch, Russell, SignatureFD's Welch, Welch, Sinéad Carew, Amruta, Sriraj Kalluvila, Maju Samuel, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Apple, Dow, Nasdaq, Federal, Labor, Big, Bernstein Private Wealth Management, Fed, Dow Jones, Treasury, SignatureFD, NYSE, Thomson Locations: New York City, U.S, Atlanta Georgia, New York

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 26, 2023. Such hopes, coupled with upbeat earnings reports, have put all three major Wall Street indexes on course for their biggest weekly percentage gain in about a year. Apple (AAPL.O) was an outlier, down 1.3% after its sales forecast for the holiday quarter fell short of Wall Street expectations. Most major S&P 500 sectors traded in the green, led by real estate (.SPLRCR), which jumped 3.3% to an over one-month high. The S&P index recorded 17 new 52-week highs and no new low, while the Nasdaq recorded 42 new highs and 51 new lows.

Persons: Brendan McDermid, nonfarm, Paul Nolte, Murphy, Russell, Amruta Khandekar, Sriraj Kalluvila, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Apple, Dow, Nasdaq, Federal, Labor, Big, Fed, Sylvest Wealth Management, Federal Reserve, Treasury, Nvidia, Dow Jones, NYSE, Thomson Locations: New York City, U.S

☆ The UAW’s Next Challenge: Getting Workers to Vote Yes
▼ + stars: | 2023-11-03 | by ( Nora Eckert | Ryan Felton | ) www.wsj.com time to read: 1 min

The United Auto Workers union said it reached a tentative deal with General Motors on Monday, more than six weeks after workers went on strike. The company was the last of the three Detroit automakers to reach a new tentative labor deal. Photo: Rebecca Cook/ReutersUnited Auto Workers leaders bargained for months and called a historic strike before clinching tentative agreements with Detroit’s automakers. UAW members at local chapters across the country begin voting as soon as this week on the labor pacts with Ford Motor , General Motors and Chrysler parent Stellantis . The proposed contracts, which include a 25% wage hike and a return of cost-of-living adjustments, increase pay more than several contracts over the past two decades combined.

Persons: Rebecca Cook Organizations: United Auto Workers, General Motors, Detroit, Reuters United Auto Workers, Detroit’s, UAW, Ford Motor, Chrysler

☆ Sharp U.S. Hiring Slowdown Signals Cooling Economy Ahead
▼ + stars: | 2023-11-03 | by ( David Harrison | ) www.wsj.com time to read: 1 min

The share of working-age people either working or looking for a job has climbed. Photo: Allison Joyce/Bloomberg NewsHiring slowed sharply in October, a sign the economy is cooling this fall following a hot stretch over the summer. U.S. employers added 150,000 jobs in October, down from the previous month’s revised gain of 297,000, the Labor Department said Friday. That was the smallest gain since June, with automakers having around 33,000 fewer workers on payroll because of the United Auto Workers strike. The unemployment rate rose to 3.9% from 3.8% the prior month.

Persons: Allison Joyce Organizations: Bloomberg, Labor Department, United Auto Workers

☆ What to Watch in Friday’s Jobs Report: How Long Can Labor Market Keep Booming?
▼ + stars: | 2023-11-03 | by ( David Harrison | ) www.wsj.com time to read: +1 min

Photo: Allison Joyce/Bloomberg NewsEmployers pulled back on hiring in October while handing out smaller annual raises, analysts said, which would be indications the labor market is slowly losing momentum. Economists estimate average hourly earnings rose 4% in October from the previous year, down from 4.2% in September. On a month-to-month basis, they see wage growth ticking up slightly. Easing hiring and wage growth could be a sign that the economy is starting to slow after a red-hot summer. On Wednesday, Federal Reserve Chair Jerome Powell pointed to the cooling labor market as one reason the central bank might not need to raise rates further.

Persons: Allison Joyce, aren’t, Jerome Powell Organizations: Bloomberg News Employers, Wall, Detroit, The Labor Department Locations: U.S

☆ Tesla and EVs in reverse: Why automakers are scaling back their green ambitions
▼ + stars: | 2023-11-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTesla and EVs in reverse: Why automakers are scaling back their green ambitionsElectric vehicles were supposed to be the wave of the future. Tesla and traditional automakers made big plans to invest in factories, battery manufacturing and the EVs themselves, but that's all slowing down. This week on TechCheck, we dive into what's behind the speed bumps.

Organizations: Tesla

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